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Would switching to a 16" wheel with P205 55 series tires lower my gas mileage over sotck 14" 185/70s? If so, by about how much?

What modifications can I do that would give me approx 10 more horsepower without sacrificing too much fuel economy.

2001 LX 5-speed

 
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you might get a slight bit better gas mileage with a smaller wheel. Slight.

lol 10 more hp with same economy. Well getting 10 more hp is hard and expensive. search around and find out that intake, header, exhaust does next to nothing.

 
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Like Diskreet said, not much gives our cars HP for cheap. IIRC I/H/E gives between 4 and 8 on a good day. Yes, 4-8hp. Best thing to do is save up for an engine swap or turbo.

 
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for about 10 hp, you can should get an intake, header, exhaust, and a VAFCII to tune it. you should stay at about the same fuel economy while freeing up some horsepower. go with quality parts though so you dont have to keep on replacing $hitty parts.

 
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NOS sneaky Pete

 
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Damn, I didn't think it would be so hard getting just 10 ponies.. Is it the old 1.6 liter engine that was so easy to get power from? BTW, Renen yor 4-door is hot..

 
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If you had a 5th or 6th gen its a little easier to get extra hp but the 7th gens you are better if you boost, swap (k20), or nitrous.

 
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Even if you get lighter 16 inch rims there is mroe weight further away from the axis of rotation, robbing you of what little torque you have, unless you get some really really light rims, not sure about actual weight, the math is a bitch. You can probably get more hp getting some konig heliums, that I/h/E. But they are notorious for breaking, even though it is based of hearsay. And I gorgot you have 14 inch steelies, n/m. I would talk to some people who race or are really good at physics.

If you do not race, I would recomend getting the 16s for looks, and jsut be thankful that you get the mpg you do. Unless you have some serious motivation to turbo or swap.